The high employment, good spending capacity with the help of credit cards and a lot of other means, which did not really make us bother much about the payment then, has now put us in a vicious circle of debt following the economic recession.
It's a major concern how to get rid of credit card debts.
The economic downturn has taken a toll on the masses, not just the loans for house/education/vehicles but daily expenses are a concern now.
We are mostly in the habit of making the purchase with credit card, but unemployment and other unforeseen risks like medical expenses etc have compelled people on deferred payments, which accumulate total owed amount multiple times.
Debt settlement relief network, debt settlement and debt consolidation has however been a boon to people with financial hardships and pending debt with multiple or single creditors.
The other form of bringing down your credit card bill is to transfer the entire bill to another card with a lower interest rate.
There are quite a few legal counseling agencies which structure your entire outstanding amount, existing and future predicted payment capability and advice on settling the debt.
These agencies or programs essentially get the lowest possible credit rate from the lending institutes and distribute the lender's monthly payment to the creditor.
The advice has indeed been helpful in reducing the debt up to 60% and been a relief on the pocket and helped improve the credit history as well.
Therefore debt programs have helped card holders to bring down their bills to the tune of 60% or more.